Sri Lanka Defers Master File and CbC Reporting Requirements and Clarifies Documentation Requirement for Domestic Controlled Transactions

Sri Lanka's Inland Revenue Department (IRD) has issued the following two notices to taxpayers:

• Submission of Transfer Pricing (TP) Documentations of Master File and CbCR in Relation to the Return of Income - Year of Assessment 2019/2020; and
• Clarifications on Transfer Pricing Information in Relation to the Return of Income Year of Assessment 2019/2020.

The first notice provides that, considering the prevailing COVID19 pandemic in the country, the requirement to submit the Master file an…